The GEM Model:
Gather, Enhance, Market. How can this acronym apply to me and my business?
Gather: I can assess similar prices in my market and budget out how much time per week I have to offer. I can also gather helpful tools like cleaning supplies.
Enhance: I can babysit for a few families and receive referrals and recommendations/reviews from them to use on my advertising materials.
Market: I can make flyers and put them up where appropriate in the common areas of our apartment. I can also speak with my RA about referrals and contact the few people I have met and ask for help in spreading the word to those they may know that I don’t.
Win the Day with Tim Ferriss
Today I read an article from the “Young Entrepreneurs” blog. It was a video interview where Tim Ferriss, successful Entrepreneur and author, shared his morning routine. I have been thinking a lot about morning routines and what I can do to get more grounded and organized in the morning. I want my morning routine to look something like this:
-Make bed, Pray
-Drink tea and study scriptures
-Exercise (at least 30 mins yoga)
-Get dressed and ready for the day (shower, hair, makeup)
-By 10:00am start school
HMM: Business Plan Development
1- Consider the audience you are writing your business plan for. Consider what would help them to feel secure and what aspects of the plan would contribute to their security and pique their interest in joining with you, funding you, etc.
2- Gather relevant information. This would include necessary production costs, physical space required, competitor’s positions, and legalities such as licensing and permits. Glean information from libraries, the chamber of commerce, the internet, and from your competitors.
3- Compile information into legible and organized format: cover page (with logo or emblem), table of contents, summary (customers or problem your product will be serving including end financial potential and risk), business description (express commitment and capacity for making business succeed), business environment analysis, industry background, competitive analysis, market analysis, marketing plan (product, price, place, promotion), operations plan (daily activities of the business), management summary, financial plan, attachments, and milestones.
$100 Challenge Assessment:
This week I felt overwhelmed by the $100 challenge assignment to write a business plan. It was great to get a lot of the kinks worked out and to really have to think about the specifics of the company, but I realized as I reviewed the requirements that there was a lot about my plan I hadn’t thought out yet. Writing the plan outline really helped me to evaluate necessary steps in accomplishing my goal.